When searching for a home in Kelowna or elsewhere in the Okanagan, it’s easy to focus primarily on one number: the asking price.
But the purchase price doesn’t always tell you which property is the most affordable—or which one represents the best value.
Two homes listed at the same price can have significantly different monthly ownership costs. In some cases, a slightly more expensive property may actually cost less to own each month than a lower-priced alternative.
That’s why I encourage my buyers to look at the complete financial picture before deciding which property is right for them.
1. Strata Fees: Look at More Than the Monthly Amount
If you're considering a condo or townhouse in Kelowna, West Kelowna, Peachland or another Okanagan community, strata fees will likely be one of your regular monthly expenses.
But comparing strata properties based solely on which one has the lowest fee can be misleading.
One development may charge $300 per month but include relatively little, while another may charge $600 and include expenses you would otherwise be paying separately.
Depending on the development, strata fees may contribute toward expenses such as:
Building insurance
Water and sewer
Hot water or heating
Landscaping
Snow removal
Garbage and recycling
Building maintenance
Property management
Caretaker services
Pools, hot tubs, fitness facilities or clubhouses
Instead of simply asking, “How much are the strata fees?”, I recommend asking:
“What do the strata fees include, and what am I responsible for separately?”
That provides a much more meaningful comparison.
2. The Financial Health of the Strata Matters Too
The monthly fee is only one part of evaluating a strata property.
Before purchasing, buyers should carefully review the available strata documentation. This can help uncover information that isn't visible during a showing.
Depending on the property and documents available, this may include reviewing the strata's:
Meeting minutes
Financial statements and budgets
Contingency reserve fund
Depreciation report
Insurance information
Bylaws and rules
History of special levies
Planned repairs and capital projects
A building with relatively low strata fees isn't necessarily a better investment if major expenses have been deferred or the strata isn't adequately prepared for future repairs.
Conversely, a property with higher fees may have strong financial planning and include numerous services or amenities.
The goal isn't necessarily to find the lowest strata fee. It's to understand what you're paying for and the financial position of the strata you're buying into.
3. Leasehold and Land-Lease Properties in the Okanagan
Another important consideration when searching for Okanagan real estate is whether a property is freehold or leasehold.
There are a number of leasehold and land-lease communities throughout the Okanagan.
These properties can sometimes have attractive purchase prices compared with similar freehold homes, but buyers need to understand the complete cost structure.
Depending on the property, there may be additional monthly lease, maintenance, association or other fees.
The terms and remaining length of the lease can also be important considerations, as can financing and resale.
This doesn't automatically make a leasehold property a poor choice. For the right buyer, certain leasehold communities can offer excellent homes and amenities.
It simply means that the list price shouldn't be considered in isolation.
4. Property Taxes
Property taxes are another expense that should be included when comparing homes.
Taxes can vary considerably based on the property's location, assessed value and other factors.
If you're comparing several properties within your budget, looking at the previous year's property taxes can give you a better idea of your overall annual ownership expenses.
5. Home Insurance
Insurance has become another important consideration for Okanagan homeowners.
The cost and availability of insurance can vary based on the property itself, its location, construction and other risk factors.
For strata buyers, it's also important to understand the difference between the strata corporation's insurance and the coverage you'll need for your individual unit.
Obtaining an insurance quote before removing subjects can help prevent an unexpected expense after purchasing.
6. Utilities and Ongoing Maintenance
A home's monthly operating costs shouldn't be overlooked either.
A detached house with a large yard may have very different expenses from a condo where exterior maintenance is handled through the strata.
Consider things such as:
Electricity and natural gas
Water and sewer
Heating and cooling
Landscaping
Snow removal
Exterior maintenance
Roof, windows and major mechanical systems
Age and condition of the furnace, air conditioner and hot water system
A beautifully renovated older home may still have aging mechanical systems, while a newer property may offer greater efficiency and fewer immediate maintenance expenses.
These are all factors worth considering when determining the property's overall value.
A Lower Purchase Price Doesn't Always Mean a Less Expensive Home
Imagine comparing two properties.
Property A has a lower asking price but comes with substantial monthly fees and several additional expenses.
Property B costs slightly more but has lower ongoing costs and includes services that you'd otherwise pay for separately.
Once everything is calculated, Property B could potentially be the more affordable option over time.
That's why I believe buyers should ask:
“What will this property actually cost me to own?”
—not simply:
“What is the asking price?”
Buying a Home in Kelowna or the Okanagan?
There are many factors that make Okanagan real estate unique, from strata developments and resort-style communities to leasehold properties, 55+ communities, lakefront homes and traditional freehold properties.
Having the right information allows you to compare properties based on their true value and overall cost of ownership, rather than simply their listing price.
When I'm helping buyers search for a home, my goal is not just to find properties within their price range. It's to help them understand what they're purchasing, identify important considerations and make an informed decision before moving forward.
If you're thinking about buying a home in Kelowna, West Kelowna, Peachland, Lake Country, Summerland, Penticton or elsewhere in the Okanagan, I'd be happy to help you navigate the process.
Robyn Eng | REALTOR®
eXp Realty
KelownaPropertySearch.ca